Undergraduate Course: Issues in Climate Change Economics (ECNM10077)
Course Outline
| School | School of Economics |
College | College of Humanities and Social Science |
| Credit level (Normal year taken) | SCQF Level 10 (Year 3 Undergraduate) |
Availability | Available to all students |
| SCQF Credits | 20 |
ECTS Credits | 10 |
| Summary | The course will begin with a brief introduction to climate change science and an overview of the basic elements of climate change economics. The bulk of the course will then focus on a more in-depth analysis of a range of issues in climate change economics, mixing economic theory and practical applications. The course will not only provide insights into recent research and policy in this topical and important field, but also encourages students to think more deeply about applying standard economic analysis in complex practical settings. |
| Course description |
The course will begin with a brief introduction to climate change science and an overview of the basic elements of climate change economics (externalities; marginal costs and benefits; carbon markets v taxes; dynamics, uncertainty and discounting). The bulk of the course will then focus on a more in-depth analysis of a range of issues in climate change economics, mixing economic theory and practical applications. The issues covered, which may vary from year to year, are likely to be drawn from:
- the theory of 2nd best with applications to climate change economics e.g. imperfect competition and policy design; global issues e.g. international trade and leakages; policy interactions (e.g. renewables targets and EUETS, carbon pricing and energy taxation;
- general equilibrium and dynamic/growth models applied to climate change, including 'Integrated Assessment Models' (IAMs);
- design of targets (e.g. renewables targets, emissions reduction targets) and unintended consequences;
- behavioural economics applied to climate change;
- integrating carbon markets across regions;
- deep uncertainties, catastrophes and discounting (e.g. Weitzman's 'dismal theorem') and the economics of geo-engineering;
- political economy applied to climate change e.g. carbon trading and vested interests;
- applied cost benefit analysis and business plan development in climate change contexts.
Classes will primarily take the form of informal, interactive lectures with time for class and/or group discussion. The bulk of the classes will be held together with the graduate course 'Issues in Climate Change Economics (PG)'. The graduate students taking this course will generally have stronger backgrounds, and in some cases practical work experience, in climate change science, and applied mitigation and adaptation policies, but weaker backgrounds in formal economic analysis. The varied backgrounds of this broader group of students simulates many of the real world contexts in which climate change issues are discussed and the course consciously encourages students to exploit the opportunities this provides for peer-to-peer learning and developing the skill of explaining key economic concepts and approaches to non-specialists.
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Entry Requirements (not applicable to Visiting Students)
| Pre-requisites |
Students MUST have passed:
Economics 2 (ECNM08006)
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Co-requisites | |
| Prohibited Combinations | |
Other requirements | None |
Information for Visiting Students
| Pre-requisites | Students should usually have at least 3 Economics courses at grade B or above (or be predicted to obtain this) for entry to this course. This MUST INCLUDE courses in Macroeconomics, Microeconomics and Statistics. We will only consider University/College level courses. |
| High Demand Course? |
Yes |
Course Delivery Information
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| Academic year 2016/17, Available to all students (SV1)
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Quota: None |
| Course Start |
Semester 2 |
Timetable |
Timetable |
| Learning and Teaching activities (Further Info) |
Total Hours:
200
(
Lecture Hours 20,
Summative Assessment Hours 2,
Programme Level Learning and Teaching Hours 4,
Directed Learning and Independent Learning Hours
174 )
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| Assessment (Further Info) |
Written Exam
70 %,
Coursework
30 %,
Practical Exam
0 %
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| Additional Information (Assessment) |
15% Policy briefing
15% Technical briefing
70% Final Examination |
| Feedback |
Students will be given the opportunity to submit formative policy and technical briefings on a practice topic and obtain individual feedback in advance of the preparation and submission of the summatively assessed briefings.
A sample exam paper will be made available part way through the semester and students will be given the opportunity to submit and obtain individual feedback on practice answers. |
| Exam Information |
| Exam Diet |
Paper Name |
Hours & Minutes |
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| Main Exam Diet S2 (April/May) | Issues in Climate Change Economics | 2:00 | |
Learning Outcomes
On completion of this course, the student will be able to:
- A knowledge and understanding of: the basics of climate change science; key concepts, issues, policy options and models in climate change economics; along with a deeper understanding of recent and ongoing research activity in a range of more specialised areas.
- Research and investigative skills such as problem framing and solving and the ability to assemble and evaluate complex evidence and arguments.
- Communication skills in order to critique, create and communicate understanding and to collaborate with and relate to others.
- Personal effectiveness through task-management, time-management, teamwork and group interaction, dealing with uncertainty and adapting to new situations, personal and intellectual autonomy through independent learning.
- Practical/technical skills such as, modelling skills (abstraction, logic, succinctness), qualitative and quantitative analysis and general IT literacy.
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Additional Information
| Graduate Attributes and Skills |
Research and Inquiry
B1. The ability to identify, define and analyse theoretical and applied economic problems and identify or devise approaches to investigate and solve these problems.
B3. The ability to critically assess existing understanding of economic and social issues, the limitations of that understanding and the limitations of their own knowledge and understanding of those issues.
B4. The ability to question the principles, methods, standards and boundaries of economic knowledge
Personal and Intellectual Autonomy
C1. The ability to be independent learners who take responsibility for their own learning, and are committed to continuous reflection, self-evaluation and self-improvement.
C4. The ability to collaborate and debate effectively to test, modify and strengthen their own views.
Communication
D1. The ability to make effective use of oral, written and visual means to critique, create and communicate understanding.
D2. The ability to further their own learning through effective use of feedback.
D3. The ability to use communication as a tool for collaborating and relating to others.
Personal Effectiveness
E1. The ability to manage tasks and also skills in time-management.
E4. The ability to work effectively with others, capitalising on their different thinking. |
| Additional Class Delivery Information |
1 x 2:00 hour lecture per week for 10 weeks |
| Keywords | ICCEcon |
Contacts
| Course organiser | Mr Stuart Sayer
Tel: (0131 6)50 3856
Email: S.Sayer@ed.ac.uk |
Course secretary | Mrs Anna Domagala
Tel: (0131 6)51 5305
Email: Anna.Domagala@ed.ac.uk |
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